Egypt brings 591 wells into production and reports 113 discoveries in two years

The Petroleum Ministry wants to offset the natural decline of fields and revive investment. The reported outcome covers July 2024 to June 2026.

By Kofi Mensah · 21 October 2026 · 1 min read

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Ras Ghareb oil site on the Red Sea, Egypt. Archive photo, unrelated to the MOC 2026 trade show. Kamal Osama Elgazzar / Wikimedia Commons, CC BY-SA 3.0. Scaled down and converted to WebP. Source: https://commons.wikimedia.org/wiki/File:A_petroleum_site_in_Egypt.JPG | Licence: https://creativecommons.org/licenses/by-sa/3.0/

Egypt has brought 591 new wells into production and recorded 113 discoveries between July 2024 and June 2026, Petroleum and Mineral Resources Minister Karim Badawi announced on Tuesday, 20 October, at the opening of the Mediterranean Offshore Conference 2026 in Alexandria.

According to the ministry, these operations are meant to support domestic output and offset the natural decline of existing fields. They form part of a revival of exploration and development drilling, which Badawi presented as a way to increase local supply and attract more investment.

The ministry did not specify the additional output from these wells or the reserves associated with the discoveries.

The minister also recalled the settlement, in June 2026, of $6.1 billion in arrears owed to foreign partners. The authorities present this payment and the resumption of drilling as levers to attract investment.

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